본 연구에서는 지주회사 전환을 위한 기업분할(인적분할)일 이후 공개매수 또는 유상증자 발표일까지 지주회사와 사업자회사의 주가수익률의 변화를 알아보고, 그 기간 동안 이루어진 수시공시가 지주회사와 사업자회사의 주가수익률에 어떠한 영향을 미치는지를 분석해 보았다. 인적분할에 비해 현물출자나 포괄적 주식교환 등 물적 분할을 통해 지주회사를 신설하는 것은 이론상 가능하지만 공정거래법상 지주회사의 자회사 지분율(상장회사20%, 비상장회사40%)을 맞추기 위해추가적으로 지주회사가 소수주주로부터 지분을 매입해야 하는 절차를 거쳐야 하므로 현실적으로부담이 따른다. 반면 인적분할을 통한 지주회사 전환은 추가자금 없이 공개매수 또는 제3자 배정형식의 유상 증자 등을 통하여 자회사에 대한 지분확대를 할 수 있기 때문에 인적분할을 통한 지주회사 전환이 일반적이다. 즉, 인적분할을 통한 지주회사 전환은 기업분할 후 사업자회사의 시가총액을 증가시켜 최대주주의 사업자회사의 지분과 지주회사의 지분의 Swap을 통하여 최대주주의지주회사에 대한 지배력을 증가시킬 유인이 발생한다. 본 연구에서는 이러한 최대주주의 유인을실증적으로 검증한 결과 지주회사 전환을 위한 기업 분할(인적분할)일 이후 공개매수 또는 유상증자 발표일 까지 사업자회사의 누적평균초과수익률(CAAR)이 증가하고 있음을 발견하였다. 또한인적분할을 통한 지주회사로 전환하는 과정에서 사업자회사에 대한 가치를 높이기 위하여 최대주주의 입장에서 인위적으로 주가를 높이려는 활동으로 공시를 활용하는지를 검증하였다. 그 결과사업자회사의 가치를 높이려는 유인이 있는 인적분할일 이후부터 공개매수 또는 유상증자 발표일까지의 기간 동안 발표된 수시공시는 사업자회사의 주가수익률에 유의한 양의 결과를 보여줌으로써 최대주주가 유리한 교환비율을 가지기 위하여 수시공시를 이용한다는 것을 검증하였다. 본연구는 인적분할을 통한 지주회사 전환 과정에서 최대주주가 지주회사에 대한 지배력을 어떻게증가 시키는지 실증적으로 검증했다는 점에서 그 공헌점이 있다고 할 것이다.
From the date of the corporate division to the date of the tender offer or paid-in capital increases this study recognize the change in the stock price of the holding company and the operating company, I analyzed timely disclosure is made during the period how the impact on the stock price of the holding company and operating company. It is theoretically possible that a holding company established through a comprehensive stock exchange and in-kind contributions, such as split-off compared to the spin-off, but fair trade law, affiliates of the holding company, stake (20% of listed companies, 40% of unlisted companies) to meet the additional holding company go through the procedures that must be followed so purchasing the shares from minority shareholders in reality burdensome. While the holding company through a spin-off tender offer or a third party allocation format of the holding through a capital increase including through the spin because the stakes can be expanded to a subsidiary company converted this is usually without additional funding. That is, the holding company through the spin-off is an incentive to increase the market capitalization of the company after the corporate division increase the control of the holding company's largest shareholder through the swap of the operating company and the holding company's equity stake in the largest shareholder it occurs. It found that the incentives for these empirically validated as a result the largest shareholder of the holding company, the cumulative average abnormal returns of the operating company (CAAR) is increased from the corporate division (spin-off) to the tender offer or paid-in capital increase announcement. In addition, we verified whether the disclosure of the artificial price advantage from the standpoint of the largest shareholders want to increase activity in order to increase the value of the operating company in the process of transition to a holding company through spin-off. Timely Disclosure utilized in order to have a favorable exchange rate that was verified by displaying the results of a significant amount of the price performance of the operating company. This study empirically verify how the largest shareholder increase control of the holding company from the holding company through a spin-off process that will contribute to that point.
From the date of the corporate division to the date of the tender offer or paid-in capital increases this study recognize the change in the stock price of the holding company and the operating company, I analyzed timely disclosure is made during the period how the impact on the stock price of the holding company and operating company. It is theoretically possible that a holding company established through a comprehensive stock exchange and in-kind contributions, such as split-off compared to the spin-off, but fair trade law, affiliates of the holding company, stake (20% of listed companies, 40% of unlisted companies) to meet the additional holding company go through the procedures that must be followed so purchasing the shares from minority shareholders in reality burdensome. While the holding company through a spin-off tender offer or a third party allocation format of the holding through a capital increase including through the spin because the stakes can be expanded to a subsidiary company converted this is usually without additional funding. That is, the holding company through the spin-off is an incentive to increase the market capitalization of the company after the corporate division increase the control of the holding company's largest shareholder through the swap of the operating company and the holding company's equity stake in the largest shareholder it occurs. It found that the incentives for these empirically validated as a result the largest shareholder of the holding company, the cumulative average abnormal returns of the operating company (CAAR) is increased from the corporate division (spin-off) to the tender offer or paid-in capital increase announcement. In addition, we verified whether the disclosure of the artificial price advantage from the standpoint of the largest shareholders want to increase activity in order to increase the value of the operating company in the process of transition to a holding company through spin-off. Timely Disclosure utilized in order to have a favorable exchange rate that was verified by displaying the results of a significant amount of the price performance of the operating company. This study empirically verify how the largest shareholder increase control of the holding company from the holding company through a spin-off process that will contribute to that point.
